The net proceeds of the placing are expected to be around £15.2m ($20m).

“We’re looking forward to the exciting times ahead and the additional funding as a result of the placings will help us with our growth strategy,” said Diaceutics CFO Philip White.

What they do

The company, founded by Peter Kelling in 2005, collates large amounts of anonymised patient data from laboratories and insurance claims data. This is used to deliver diagnostic testing strategies for the development of precision medicines for oncology and the treatment of diseases such as multiple sclerosis and rheumatoid arthritis.

Diaceutics provides services to 20 of the 30 largest global pharmaceutical companies, including AstraZeneca and GlaxoSmithKline.

It has amassed data from 2,500 laboratories, including 3.5 million longitudinal patient records, insurance claims data for 50 million patients and 58 million testing event data points from 35 countries.

What it’s for

The firm plans to use £5.5m ($7.3m) of funds raised in the placing to acquire additional data sets, add new disease data and implement a partnership to develop AI analysis.

Proceeds will also be used towards paying down debt, extending into new international markets and developing the firm’s proposed software-as-a-service platform, Nexus.

Market snapshot

The European precision medicine market was estimated at £9.75bn ($13.6bn) in 2018 and is projected to reach £17.20bn ($22.81bn) by 2023, at a compound annual growth rate (CAGR) of 10.9 percent during the forecast period from 2018 to 2023.

“Diaceutics was founded out of a desire to get more patients access to improved healthcare,” said the firm’s CEO, Peter Keeling. “We are giving patients a higher likelihood of getting better by supporting access to the right test to determine the right treatment at the right time. This announcement today [18 March] will help us in our mission to continue this great work.”